Jumbo Loans in Virginia (2024): Limits, Requirements, and Guidelines

For homebuyers considering high-value properties in Virginia, securing financing that exceeds the standard conforming loan limits often requires a jumbo loan. In 2024, the single-family conforming loan limit in most Virginia counties is $766,550, but jumbo loans are necessary for larger mortgages. These loans come with stricter requirements, including higher credit scores (typically 720+), larger down payments (often 10-20%), and more substantial cash reserves. This guide details the 2024 jumbo loan limits across Virginia counties and the key criteria for qualification.

What is a Jumbo Loan?

A jumbo loan is a type of mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These limits represent the maximum loan amount government-sponsored enterprises like Fannie Mae and Freddie Mac can purchase. Because jumbo loans are not eligible for this backing, they represent a higher risk for lenders, which results in more stringent qualification criteria for borrowers. If the mortgage amount you need for a Virginia property is above the FHFA's limit for that specific county, you will likely need to pursue a jumbo loan.

What Are the 2024 Jumbo Loan Limits in Virginia?

The baseline conforming loan limit for a single-family home in most of the U.S. is $766,550 for 2024. However, in higher-cost areas, this limit is increased. In Virginia, the conforming loan limit can be as high as $1,149,825 in certain counties. It's critical to understand that the loan amount—not the purchase price—determines if a jumbo loan is needed.

For example, if you purchase an $800,000 home in a county with a $766,550 limit and make a $100,000 down payment, your mortgage of $700,000 would be under the limit, thus not requiring a jumbo loan.

The following Virginia counties have conforming loan limits higher than $766,550 for 2024:

• Clarke County: $970,800
• Fairfax County: $1,149,825
• Falls Church City: $1,149,825
• Frederick County: $970,800
• Loudoun County: $1,149,825
• Potomac, MD-VA (VA part): $1,149,825
• Prince William County: $1,149,825
• Rappahannock County: $970,800
• Warren County: $970,800
• Washington, DC-VA-MD-WV (VA part): $1,149,825

You can verify the limit for any specific area using the official .

What Are the Typical Requirements for a Virginia Jumbo Loan?

The qualification process for a jumbo loan is notably more rigorous than for a conventional conforming mortgage. While requirements vary by lender, based on our experience assessment, borrowers should expect the following common standards:

• Excellent Credit Score: Lenders generally require a minimum credit score of 720 to qualify for a jumbo loan. While some may consider scores as low as 660, a higher score significantly improves your chances of approval and better interest rates.
• Substantial Down Payment: Down payment requirements are typically larger. You should be prepared to make a down payment of at least 10%, with many lenders requiring 20% or more. A larger down payment reduces the lender's risk.
• Low Debt-to-Income Ratio (DTI): Your debt-to-income ratio (DTI), which is your total monthly debt payments divided by your gross monthly income, must be low. Lenders typically prefer a DTI under 43%, and a ratio closer to 36% is ideal for securing the most favorable terms.
• Significant Cash Reserves: After closing, lenders will want to see that you have sufficient liquid assets (e.g., savings, checking, or investment accounts) to cover six to twelve months of mortgage payments. This provides a safety net for the lender.
• Thorough Property Appraisal: It is common for lenders to require a second, independent property appraisal for a jumbo loan. This ensures the property's value justifies the large loan amount, especially in markets with fewer comparable sales.

Key Takeaways for Virginia Homebuyers

Securing a jumbo loan in Virginia requires meticulous financial preparation. To improve your eligibility, focus on maintaining an excellent credit score, saving for a sizable down payment, and keeping your debt-to-income ratio low. Always verify the current conforming loan limit for the exact county where you are buying, as this determines whether you need a jumbo loan. Given the complexity, consulting with a mortgage advisor who has specific experience with jumbo loans in the Virginia market is a highly recommended step.